2022 City of Shakopee Budget

132

2022 Annual Budget

Lodging Tax

Fund:

Description of Services:

A statutorily allowed 3 percent lodging tax is imposed by the City Council. Once collected, 95 percent is submitted to the Shakopee Chamber and Visitors Bureau (CVB) and 5 percent is retained to defer administrative expenses. This fund accounts for the tax revenue and the expenditures to both the CVB and the city's General Fund for the administration portion of the lodging tax proceeds.

Budget:

Actual

Actual

Budget

Budget

Expenditures by Category Supplies and Services

2019

2020

2021

2022

397,273 397,273

215,901 215,901

190,000 190,000

338,000 338,000

Totals

$

$

$

$

Dedicated Revenues

$

397,272

$

215,901

$

190,000

$

338,000

Expenditures by Category and Dedicated Revenue

$- $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000

Supplies and Services Dedicated Revenues

Actual 2019

Actual 2020

Budget 2021

Budget 2022

Key Measures:

Actual

Actual

Projected

Projected

2019

2020

2021

2022

Number of Hotels

11

12

12

12

Budget Impact:

Lodging tax was hit hard with the coronavirus pandemic resulting in a decrease in revenues for 2020 and 2021. We have anticipated a rebound for the 2022 budget, but are conservatively anticipating levels to be below pre-pandemic levels.